Trader David Seaburg said he is taking profits from large cap banks stocks such as J.P. Morgan, Bank of America and Citibank. He said he plans to get back into those names on a pullback.

Trader Steve Grasso offered commentary on the rally and said the market is overbought. He said he thinks Trump's announcement will not deliver what traders expect and there's a market risk to the downside.

Brendan McDermid | Reuters

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 23, 2017.

"Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT. Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore"